HK50 Tests Price Floor

• 6 Oct 2021

USD/JPY

The USDJPY pair has climbed back to the 111.50 resistance line and a break appears to be underway. A pullback in recent trading saw the return of buyers in support. The next target is the 111.92 resistance line. Momentum indicators highlight further upside potential.  

 

 

 

 

GBP/USD

The GBPUSD pair continues to recover yet bullish momentum appears to be waning. Smaller-bodied candles suggest that the rally may not continue, at least not at the same pace. A break would see the pair return to a previous consolidation channel between the 1.361 and 1.395 price levels. 

 

 

 

 

EURUSD

The Eurodollar is bouncing along the 1.160 support line, as neither buyers nor sellers appear to have the appetite to drive price action. Overall, the longer-term sentiment remains bearish and previous rally attempts have been contained by the descending trendline. Significant bullish conviction will be required for a reversal.  

 

 

 

 

USDCHF

The USDCHF has rebounded from the 0.925 support line as bullish dominance is confirmed, once again. The 0.935 resistance line remains in sight and has been an obstacle to the rally in recent trading. Momentum indicators have flattened in bullish territory.

 

 

 

 

XAUUSD

XAUUSD remains within the 1753 and 1831 trading range and buying pressure has pushed price action back above the 1753 support line. However, the pressure has been unable to form a rally as sellers remain active in price action. The longer-term bias is bearish and the trendline remains as a key resistance zone.  

 

 

 

 

JP225

The JP225 continues the sell-off despite an attempted recovery in price action during yesterday’s trading session. Today, buyers have been overruled and the index has broken another support level at the 27,654 price line. Momentum indicators show that the pair is reaching oversold conditions and therefore the sell-off may not last.

 

 

 

 

HK50

The HK50 has reached a price floor once again despite several recent attempts from buyers to drive a rally. Given that the longer-term trajectory has definitive bearish bias, a break seems imminent. Momentum indicators suggest that there is room for further downside.